Deputy Finance Minister calls for stronger internal controls to protect public funds

Deputy Finance Minister Thomas Nyarko Ampem has advocated for enhanced internal controls within public institutions to thwart financial irregularities and preserve public funds. He emphasized that robust internal auditing is vital for ensuring the prudent management of public resources and their allocation towards development goals under the government's New Economy initiative.

Speaking at the 25th anniversary of the Institute of Internal Auditors Ghana, Mr. Ampem stressed that internal auditors must shift from merely identifying weaknesses post-occurrence to proactively preventing financial losses. He underscored Ghana's need for substantial investments in infrastructure, human capital, technology, and productive enterprises, highlighting the criticality of safeguarding limited public resources from waste and mismanagement.

"Our vision is to forge a more industrialized, resilient, and job-rich economy," he remarked. "However, we cannot fund development initiatives and yet permit funds to dissipate due to inadequate financial oversight." Mr. Ampem, speaking on behalf of the Minister for Finance, Dr. Cassiel Ato Forson, referenced 2025 Auditor-General's reports indicating a significant decline in financial irregularities across five categories of public institutions, dropping from about GH¢20.72 billion in 2024 to GH¢7.69 billion in 2025, reflecting a 62.9% reduction.

While he welcomed this progress, he cautioned that the remaining irregularities underscore the ongoing necessity for sustained efforts to bolster accountability and enhance public financial management. "A 62.9% reduction is commendable; yet, GH¢7.69 billion in residual irregularities remind us that our task is far from complete," Mr. Ampem stated.

Deputy Finance Minister Ampem also highlighted the audit findings of government's legacy arrears and payables, which revealed that out of GH¢68.7 billion in claims submitted for review, GH¢8.1 billion were rejected. The rejected claims encompassed instances of insufficient supporting documentation, duplicate claims, falsified receipts, and claims for work not executed.

He concluded by urging internal auditors to intensify their scrutiny of procurement procedures, payroll systems, and significant public investments to identify risks early and prevent public fund misuse. He championed the adoption of data analytics, digital tools, and ongoing risk assessment, stressing that digital transformation must be underpinned by professional proficiency, institutional autonomy, and managerial accountability.

He also called upon heads of institutions to empower internal auditors, shield their independence, and act swiftly on audit recommendations to prevent recurrence of weaknesses. The Deputy Minister emphasized that the success of the government's New Economy agenda hinges not solely on the resources mobilized but also on their effective protection and utilization.

"We cannot construct a New Economy with the same outdated habits of waste, insufficient controls, and avoidable financial losses," Mr. Ampem concluded.